ShoreTel cutting 9% of workforce months after option exchange - 7 Apr 2009

ShoreTel cutting 9% of workforce months after option exchange

Posted by Jack Davis on April 7th, 2009 at 8:58 pm | Categorized as Docu-Drama, Shoretel | Tagged as Layoffs, Option exchange, Retention agreements, Shoretel

ShoreTel, the Sunnyvale telecommunications company, filed news
today of a “restructuring plan to lower its cost structure and improve
efficiencies by reducing its worldwide workforce by approximately 9
percent.” That would be equal to about 33 employees based on the
company’s last published headcount of 365 as of June 30. The company
expects the terminations, which are to be completed by the end of this
quarter, to cost between $400,000 and $600,000, which will be charged to its recently ended fiscal 2009 third quarter ended March 31.

No word on how many of the employees being let go took part in an
option exchange program completed in Feburary that let them trade in
some underwater options for new options priced at $4.82. But all five
of the company’s top executives participated. About the same time those same executives were also offered “retention incentive agreements”

more...http://www.siliconbeat.com/2009/04/07/shoretel-cutting-9-percent-of-workforce-months-after-option-exchange/